Bredbury Tractors Limited - Period Ending 2016-08-31

Registration number: 05207326

Bredbury Tractors Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2016
 

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD

Bredbury Tractors Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Bredbury Tractors Limited
(Registration number: 05207326)
Abbreviated Balance Sheet at 31 August 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					67,649			133,534
Current assets
Debtors					424,498			41,626
Cash at bank and in hand					394			256
					424,892			41,882
Creditors: Amounts falling due within one year					(381,925)			(53,458)
Net current assets/(liabilities)					42,967			(11,576)
Total assets less current liabilities					110,616			121,958
Creditors: Amounts falling due after more than one year					(36,534)			(59,602)
Provisions for liabilities					(474)			(6,600)
Net assets					73,608			55,756
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					73,508			55,656
Shareholders' funds					73,608			55,756

For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 29 June 2017

.........................................
Mr D J Hardman
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Bredbury Tractors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Motor vehicles	30% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Bredbury Tractors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2015		199,820			199,820
Disposals		(86,000)			(86,000)
At 31 August 2016		113,820			113,820
Depreciation
At 1 September 2015		66,286			66,286
Charge for the year		28,160			28,160
Eliminated on disposals		(48,275)			(48,275)
At 31 August 2016		46,171			46,171
Net book value
At 31 August 2016		67,649			67,649
At 31 August 2015		133,534			133,534

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		23,068			23,068
Amounts falling due after more than one year		36,534			59,602
Total secured creditors		59,602			82,670

Page 3

Bredbury Tractors Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4